Election uncertainty poised to bounce from the worst week since march businesses are bracing for election unrest. Live in manhattan. Well take a look at how companies are preparing for the unknowns of this week ahead. And with no preelection stimulus lifeline, how airlines are now preparing to stem the losses and lure passengers back in to their seats. Carl all right, jim, what do we think is going on this morning doesnt sound like you trust futures at this level. We really sold off terribly friday until the last half hour. This is continuation of what looked like a short covered rally. I think a lot of people who are betting that no matter what happens it will be contested and therefore the market has to go down so, why not just come in short my problem with that is what happens if its actually not contested . What happens if its a landslide for either side. The reeason i point that out if youre betting on a contested election its entirely possible with our 24hour coverage its entirely possible that you get a resolution if you get a resolution even if one of the candidates, President Trump contests it, youre going to say, why didnt i buy something . David, you know certainly is what people crave here we dont have any, but we will in three days. We may. We hope to to your point, its possible again, those who follow those things very closely more likely that a Biden Victory will show up more early than would if biden were to win unexpectedly texas or even florida, one of which is quite tight and the other which is not quite as tight. It would be unexpected texas, but you never know given how many vote they got early they exceeded their vote totals from 2016 with the early voting in the state then you can imagine a scenario under which we would know quickly. If, however, it will default to pennsylvania which to your point has three days after election day to count, ballots by the way that have been received prior to or on election day then it could take some time north carolina, as well, one of those states that will have a few days also. We know, carl, michael from jpmorgan put out a great piece this weekend which just says what happens if President Trump says that anything after election day doesnt count and then it goes to the legislature and the Legislature Agrees with trump. Thats the real problem if youre trying to get what legislature, though . These are the state laws that are in place what legislature would actually overrule what they already had of state law that, again, have been lawfully received prior to election day but it goes with trump. Im just saying a situation where its entirely possible that theres no votes after election day because the president doesnt want any again, people will have voted prior to election day. Theyll saying theyll stop the counting a friday vote what do you mean a friday vote pennsylvania was letting you vote late. No, thats not right. If its not counted all the votes will have been taken. You cant vote after election day and send it in and have it counted. It has to be dated by election day but im saying what happened if its not counted thats what officials in philadelphia are saying. Its going to take days to count. Jim, but i guess more broadly here well talk about vote counting for the next 48 hours at least but i was taking note of a blackrock email that bloomberg wrote on thursday and a scenario in which earnings continue to do well the election is resolved, as you point out. The second wave of covid is less severe than feared and where are those people who are going to be who sold off the last couple months see, that is a scenario where you get a no lockdown. The president says that the Vice President biden would do a lockdown but Vice President biden is going with the scientists and Scientists Say you have to close the bars and restaurants. Most of them are saying the people who come on our air that are really good say you can keep schools open if you close the bars and you dont have a stimulus, you have some, you have an unemployment problem but the essentials stay open and people say the nonessentials stay open. In other words, were not wiping out and we kind of learned but, carl, i think we have to Pick Companies that are winners in this period we have Pick Companies that are going to get good numbers no matter what. Youre absolutely right. A snapback a belief that health care is going to get obliterated that happened time and again these stocks going down 10 and nothing happens. David, you know how powerful the drug industry is no matter what the politicians do, it has always helped three, four days later to buy those stocks buy United Health yep and even with what has been a chorus for years now of high drug prices and trying to control them, i dont really think, jim, anything has taken place. Nothing i think sentiment may have changed given what we all hope is a vaccine that will be effective and the work that has been done by these companies to try to combat this virus you could argue that sentiment, perhaps, is more on their side than they might have been. We are also seeing an industry that has innovated over the last, lets call it, ten years a period of time where you well know the latest iteration that you had to take every day that didnt do something every day and cholesterol medicine great, important, no doubt about it but weve now moved into an area where were starting to actually almost cure cancer this industry is actually starting to do that. And thats been an amazing change over these last, i dont know, five, ten years. Theyre going after big diseases theyre going after Breast Cancer which is just so fabulous because theyve just committed to areas that must be stopped. Now there are so many different variations but i do come back with what david is saying, carl. The Drug Companies may not be as under fire as people think and the company that has really distinguished itself is lab corp they had unbelievable numbers. Abbott had unbelievable numbers. Does the pcr and has managed to do those in a turn around that is pretty incredible they hired thousands of people that company wins no matter what because nobody says we shouldnt have testing im not hearing Vice President biden say there should be testing. He loves testing and im not hearing President Trump say he mind testing. He testalis all the time maybe you have to go with the tests. This is like the gold rush we have to go with the picks and pans that is lap corp one of the finest quarters no one is uctatalking about lh this is the best way to play it. Jim, speaking of diseases, speaking of diseases, speaking of testing and speaking of being under fire, the president at a rally last night brought out the subject of dr. Fauci and an Interesting Exchange took place. Lets take a listen. Fire fauci. Fire fauci dont tell anybody but let me wait until a little bit after the election, please i appreciate the advice. I appreciate it. He has been wrong, he is a nice man but hes been wrong on a lot. Do not under any circumstances wear a mask, he said do not close up to china, he said of course, it comes after fauci said we are in for a world of hurt on friday. Saying that we could not be more poorly positioned in this country, jim hes a career ppointee its not clear the president can do anything about his employment status, but i wonder whether or not you think the firing, quote unquote of fauci would be positive for a market that would see lockdown as even less likely oh, man who does not have Great Respect for a man in his late 70s who is doing everything he can to try to stop this but would it be possible i think that anything that signals you dont listen to the scientists is positive for the market because theres enough companies that will benefit, well, because theyll stay open. Remember, if you follow the science, you have to close the bars and restaurants you have to. There isnt anyone who doesnt think or any scientist who thinks that those should stay open so, the president , if he fires fauci, that means what he says is basically science doesnt matter so lets just keep the bars and restaurants open which have been every time you see them, you see hot spots. David, look, i owned a bar and a restaurant and i came to believe that you could have outdoor. But, its real cold. No one wants to eat wearing a parka. I mean, i did it on saturday night. You did i did 45, you can go that low, i think, when youre wearing your also other things you can do what did you have, hot chocolate . Hats are always good. Right, carl. Thankfully going to be warm this week listen, new york is an outliar 1. 5 Positivity Rate right now which is amongst the lowest in the country. Masks everyone wears a masks by the way, theyve limited Indoor Dining and bars, as well. Where other places have much higher rates, carl the position about bars is you couldnt have anybody at the bar. I have a bar and you wouldnt let anybody at the bar which therefore made it so it was tenuous, carl. Tenuous. That doesnt work well, guys, speaking of lockdowns were paying a lot of attention to the uk. Boris johnsons announcement looks like he has the votes from labor. For more on all of that, lets turn to keir simmons those observing in the last wave that america followed europe carl, i dont want to pour cold water entirely on the hopes that there wont be a lock down but here in europe and in the uk, things look pretty bleak the uk will go into lockdown on thursday the newspapers talking about the potential that it might have to last through christmas. Decimating the christmas retail period partly because they hoped and wanted to keep schools open. Thats what theyre doing. But make it harder to get infections down while bars and restaurants and all of that business is closed the powerhouses of europe, the economic powerhouse is france, germany, the uk, italy all going into Different Levels of lockdown and we have been hearing from the german chancellor Angela Merkel who leads the biggest economy in europe she is saying that things are really in a difficult position there. She is saying that they are no longer able to trace 75 of cases in germany of course, germany was able to really control the coronavirus through track and trace. She says she knows the measures are hard, but this is a virus that punishes half heartedness so, germany now going into a lockdown, again. Trying to keep the schools open. But the question is, how long will this have to last will europe be able to reopen at christmastime and even if it does, will it then have to go back into another lockdown because clearly, carl, a long, hard winter. In terms of another business, travel the uk telling people here in the uk that they should not travel except for business so the holiday industry, the holiday, the winter vacation industry really looking at a tough time in the coming months, carl keir, we appreciate that so much keir simmons of nbc news jim, merkel did say the virus is more aggressive with colder temperatures remember, she is a quantum chemist but also said that the prospects of a vaccine approval by year end are also pretty good i dont get, we have dr. Scott ghaly and great follow on twitter. And over and over again he stresses that schools are not the problem. Schools are doing an amazing job. I have seen the schools test, test, test its been remarkable they have places to quarantine theres no reason to close the schools. And then i hear, well, theyre going to come back for thanksgiving they test so much. Almost every school tests. Why close the schools . It is just terrible. It makes s no sense and every place that has done it regrets it that is that lockdown that is so disabling for our country. Yes, restaurants but why retailers when everyone has figured out how to do it at retail i think a partial lockdown, david, makes so much more sense than this ridiculous, complete lockdown that theyre doing. Youre right, jim if we had data, oh, a National Data base that was readily updated all the time and shared widely and we can tell everybody, including teachers how safe it would be god, wouldnt that be nice and we had everybody agreeing that that data made sense and they believed in that data, we might be a lot further along here in terms of understanding what we can do and what we cant. Total agreement guys, well take a break. A lot more to get to including a downgrade of Harley Davidson upgrades of underarmour and mike wilson saying he thinks the worst of the correction may be over in our view a lot more on that as futures are strong to start november dont go away. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. In an effort to lure customers amid the pandemic, airlines are employing a buy one ticket get one free strategy Alaska Airlines two for one Ticket Pricing linking certain discounts to Seattle Seahawks games and europes ryanair offering two for one specials for flights through mid december, jim. Theyre getting creative asthe summertime travel season has come to an end, obviously. Waiting for deals i think that were getting, boy, ryanair they were saying, what was the max . You love the max i thought that was pretty interesting. Why arent they getting more creative they are flying these planes with no one on them. Get some bodies in these things. I keep thinking, carl, remember when gary kelly said nothing is open theres nothing to do. You fly to some place. Lets say we wanted to fly to minneapolis right now. What would we do nothing i mean, they have good restaurants open hotels in these cities are empty or operating at limited capacity you got of sort of serve yourself wander into the kitchen to maketioninmake something, i suppose honeywell has these great elevators. Take me to the fourth floor. Thats good. That is good. Then you dont have to do anything as we head into what would be a travel season, jim, for people certainly in the northeast looking for warmer climates, you know, well see if there is an increase in travel those are hard tick ltets to get. You pointed out it seems to be quite safe to get an airplane to the extent that we have it. Everybody is wearing a mask on a plane. Theyre getting the air recirculated much more than they are in a regular Office Building but to your point, are people going to want to travel somewhere to stay in a hotel somewhere to go to restaurants somewhere. Theyre doing air bnb and the air bnb numbers are incredible that is the way to go. Carl, we all thought air bnb would just get hit bad and they did a big layoff but now people discovered air bnb, lysol, clorox, good numbers you can clean a place and then you dont have to rely on someone you dont trust to come in and clean people like the, they like the empowerment of air bnb and chesky is so good. I think youve got a winner there. Its just not a stock. Were going to get a look at hotel numbers this week. I think marriott, hiyatt and a couple others report as to your point about mass testing. Weve seen the examples of united doing tests on transatlantic routes he said basically the only way theist industry will survive heres what he said. Effective mass testing is the way well live with this virus its the way to get on top of it and, you know, a second is going to cost european economies many billions of euros in lost productivity and lost output and a much simpler solution would have been, you know, put in place mass testing, get the private sector involved in this mass testing so that your testing typically 20 of your population on a weekly basis and thats the way to chase down this virus doesnt answer your concern, jim, about what you do once you get somewhere but better than nothing. If you go over the abbott Conference Call. Point blank they have the 15th the ready test theyve got a 15minute test the size of a credit card. Now, i know many other tests but what matters is scale. And abbott has spent, theyve spent hundreds of millions of dollars on it. That Conference Call is a great Conference Call. Listen to the abbott call and youll want to get on a plane if someone just hires abbott not just the drugstores. Its really good i will do that. And as you say, i do like to read those Conference Calls, as well carl all right, guys quick commercial break as we get set for the opening bell on an important historic week. Dont go away. Ready to shine from the inside out . Try natures bounty hair, skin and nails gummies. The number one brand to support beautiful hair, glowing skin, and healthy nails. And try advanced, now with two times more biotin. Lets get to mad dash counting down to the opening bell estee lauder is a name you have followed very closely as you pull out a mask. Tell me why. Adult acne. Its skin care this is the nemesis of your skin even though it can save your life although lots of people who say its meaningless still lots of other people it is working for. But this is destroying your skin so all of the stuff they have to make your skin cleaner is so good dont forget no beauty parlor and thats a natural but, david, adult acne is something that people never thought was going to be a major problem. But it turns out that if youve got it, theres only one way to really beat it estee lauder i also think, by the way, one reason why i like ulta but you just, this is, i dont know about you, david, but ive got one here, i have one here. I have one here, one here and i used these estee lauder products i think i would have literally you got the skin of a teenager i havent had this, david, since i was probably 13. They call them zits. You wont get wrinkly thats why you look so much younger. Thats why estee lauder is going up and they also gave you good guidance and great numbers in china thats what i was going after. We are looking at sales down 9 , of course. As i would expect. China is quite strong for them do they have a fauci over there or a military . They have done some things that have been very effective. Democracy is not as good as fo fighting as a to talitarian government where they can kill you. Ar is that where we e . Democracy. An opening bell a few minutes away stay with us welcome back, jim. I would love to touch base with you on what happened to yields work done over the weekend and yields up three basis points is not part of the regular pattern and, once again, thrown into question whether 60 40 is a framework that works any more. Look, all i know is that these bank stocks that are so horrendous love even just a little bit theyre also desperate and the oil stocks weirdly go down, well, theyre not, but they go down on demand its entirely possible that yields are going up with supply. David, did you know thatthe amount of money that europe is spending that they dont have. Like london, uk. I mean, they are giving out money. I mean, i think if you got on a plane, you would want to go. I think theres like money being showered they had no choice because this new lockdown has no ability to be able to sustain the economy. What happens we dont know p carl, just a very tough time to figure out what the heck is going on but no real reason for our market to start roaring here i cant find one i mean, let me know. Well, im just looking at a note this morning two things he says traders are reinstating the opinion that the seasonality is ending and therefore some Short Covering going on. Secondarily, this is art talking, an orderly transfer of power is more likely thats arts two cents this morning. Thats my theory is that if youre really short, youre really betting that everything has to go wrong at this point. Because it really got oversold last week and i dont think you know, its entirely possible that we actually will elect someone and that i know that President Trump has said that hell contest anything he wont contest himself and if its a landslide, davids laughing at me david is laughing at me. I mean a couple scenarios where were able to go home. Instead of camping out at the network. You dont need to bring in a sleeping bag a chance you dont need to bring your sleeping bag. There is a chance but as i pointed out earlier, those tilt more towards a Biden Victory if you were to get florida which counts same day. Youll get that from florida now two different time zones so you get the panhandle and as unlikely as it would seem if biden were to win texas. But the other way, guys, is if President Trump were to win texas, florida, georgia and north carolina, still doesnt mean that youre not going to be waiting because you conceivably will be because of the likes of pennsylvania and michigan, wisconsin on a number of other key states jim, well have to wait and see what tomorrow night looks like we have no idea at this point. Mr. Thethere is a dichotomy n our world and politics there is a dichotomy not a complete bleed through Many Companies like a clorox where you have to make a bet that did it factor in too much, not of lock down, but of actually the virus i think the virus for a lack of a better term is investable. I dont see the virus as getting under control. So, companies that actually make it so that the virus is less impactful are companies that you want to invest in whether anybo anybody wins president and that is what we should be trying to find we should be looking for companies that arent dependent upon this. Ill tell you the ones that are really incredible. The ones that are dependent on china because china is doing so great. Look at caterpillar. Carl, caterpillar did not report a good number. That stock cannot go down. No matter what because its regarded as a chinese stock. And even though its really more to oil and gas, it doesnt matter the market is clamoring for anything look at that look at that they had a bad quarter it doesnt matter. And to your earlier point, jim, about el and the hike and skin care up for organic and profit up 14 thats also a story. We spent the couple years berating china as have you if we were to turn around and pin our hopes to their recovery, that might be an ocwould turn of sentiment for some investors hes the ceo of estee lauder. He goes to china constantly and he speaks to young influencers people in their 20s. And they tell him what to do hes always had a great relationship with china and i agree with you, carl its kind of a countertrend but it doesnt have any votes when it comes to stocks estee lauder put up an amazing quarter. Now, did they give you great guidance i didnt get the guidance i would have liked but, obviously, if we go mask, if the world goes mask, the world has to clean and that division, by the way, had been the weak link in estee lauder now everybody is afraid has everything going for them if you can keep people from being locked in. David, you look like you have something special. You have the special face. No, i does not have the special face i wish i had something really special for you. One of the knock your socks off. You saw china compete in terms of providing wireless for the department of finance and given we were talking china and heres a company, again, not listing here but pricing i think 80 hong kong dollars. Its going to start trading strangely because, again, its shanghai and hong kong its going to be, it is the largest initial Public Offering of all time. And it does have an impact, of course, given the 33 ownership of alibaba which we have been watching to your point, jim, alibaba has done extraordinarily well. A way to play that Chinese Consumer and continues to be 826 billion market value and conceivably will benefit from whatever rise there is once it begins trading which is 8 00 p. M. Eastern time here wednesday night so, over there i guess whatever it is thursday morning but we got to watch because its an Important Company again, even though its not listed here, its going to become a financial, it is a financial behemoth in the asia markets, especially of course china. Add it to all the indices presumab presumably allocations are interesting, too, because the chinese are selling a lot of it donemesticay and around the world and as i pointed out many times joe who we know well, of course, alibaba and owner of the brooklyn nets, excuse me and the Barclays Center decided himself on whos getting what and how much. But this is incredible. A lot of sovereign. Do you remember, carl, in 2015, 2016 we used to go and worry china would fall apart people shorting china and china is a house of cards. China got something under control that we cant and, again, its because , i think 3n too much it is incredible. Just anything for china. Honeywell is good china. Best dow component at the moment well, thats what you have to do as crazy as that is. Thats what you have to do quiet morning we had some busy weeks for merger and acquisition activity. Very much unclear what will take place between the election and the end of the year at this point or whether a lot of it was pulled forward to get announced. We did get the announcement of the du nkin deal we were expecting it around earnings and i had indicated a week ago it might be as soon as the next day it didnt come they said preliminary in their statement and that was not, of course, the case we did get it. You can see Dunkin Brands is up it is right where it was reported by new york times. 106. 50. There it is. 20 premium before you had the move up in the stock and the reporting around it. And they expect to close it very quickly. Very quick close its a tenure. Another great idea in a lockdown or in a modified lockdo lockdown, carl because its not known as a place you sit and eat. A lot of people upgraded ruths and i read about cheesecake where theyre doing quite well those are the places that i would be most worried about. But dunkin is a brilliant acquisition given the fact that it is a takeout place. So, therefore, its unaffected its like dominos obviously, dominos is inflated in price but dunkin was a big short. No way it could be as sustainable as it is a lot of companies that were very interested in it. I think this is a remarkable deal and works very well in this time its really perfect. And on a day, jim, where friendlys files for bankruptcy and they follow, of course, ruby tuesday and chuck e. Cheese and sizzler. A lot of people feel they will put too much debt on it and wont be able to do anything with it. Starbucks, k. J. , Kevin Johnson joined us on friday yeah. Hes china yeah. The growth there will be china. If thats a biden stock, by the way. Because theres a belief that if our relationships with china improve then theyll put up even more stores. A way to put up stores that make a lot of money here you have to put up, you have to do chiptle they figured how to give food to people and send food to people i thought kevin told a pretty good story he is a china play and its interesting that we have so few Companies Left that actually are related to china or trying to expand in china. Used to think that emerson, remember farr, david farr, i thought, had a pretty good China Business but linked to oil and gas and oil and gas is deadly. Im so glad you mentioned oil and gas because i wanted to look at the price of oil which i think hit an overnight low maybe we got into 33 area. Lets take a look where wti is right now and also because of Marathon Petroleum numbers that came out, as well. Which wanted to take a look at, too. Wti, 35. 62 marathon, remember, of course, announced that speedway deal this summer. 21 billion. This is marathon mpc mpc and the cover bid from what i hear there is way less really. They did great in terms of selling speedway theyre saying theyre going to close it lets see what they actually said in the release itself because they told us working towards a First Quarter 2021 closing for the speedway sale and remain committed to using the proceeds to strengthen our Balance Sheets discount of 17, i mean, the market cap on this company is only 19 billion this is the elliot plan, if you remember yeah, i do. They got a great number for it and the stock did nothing but go down i dont really understand it. Its an odd one is marathon now, obviously, does also move to a certain extent to the movement of the underlying commodity, jim you talked about energy and the lack of capital that is available to move into it. Look, this morning a really great note about bank of america about how safe conoco is theyre doing the concho deal and nobody cares chevron had a bad number exxon had a bad number carl, we have to move on from the oils too depressing. Energy just barely hanging on to the green and with that all sectors are positive for the moment lets get to bob pisa ni hey, bob off of the highs four to one advancing to declining stocks. Happy monday, everybody. Lets look at the sectors right now. Energy started out in the lead and has fallen back. I should note as david noted with the weakness in oil industrials okay and Consumer Staples and health care holding up and pretty broad rally. Techs lagging a little bit and reits still up and it filed for bankruptcy and they own a number of big malls in the philadelphia area thats getting a little attention today. Else where im continuing to see a lot of interesting in thematic etfs energy etfs have done well, solar, wind, alternative energy etfs and lithium batteries and the creations people keep buying into these ideas and robotics and robo constantly getting new creation every day i see them up 1 or so here the debate is what the world is going to look like at the end of the week a bull and bear scenario the bull scenario things will look better by the end of the week that were entering and seasonably strong period of the year the election will hopefully be over by the end of the week. Stimulus talks, this is the bull case, will resume in washington. Well get further central bank support and possibly preliminary vaccine data all of this is a lot as i noted many times but that is the bull scenario and were starting off today on that. The bear case, the reopening story is going very poorly overall. This is not the way it was supposed to be we were supposed to learn to live with coronavirus without any concerns about lockdown light or whatever you want to call it what were heading into right now. No real stimulus right now and, remember, 2021 earnings if the lockdown story is actually occurring, the earnings are too high thats what the market is trying to reflect the stimulus play did very well in october a lot of people who still believe in the stimulus idea if you look at small caps and solar stocks, metals and mining. These are all stimulus plays they all notably outperform the markets in october and particularly that solar etf is up practically every single day and infrastructure plays generally did very well. Big infrastructure Companies Like granite construction, all outperform the market. Well see how that goes in the next couple days carl, back to you. All right bob, thanks very much. Obviously, a big week for Central Banks, again lets get to Rick Santelli who has ism coming up. A big week for Central Banks and big week for trying to figure out what Central Banks are going to do and tomorrows event and ultimately one whenever we good et the results is going to figure out into that prominently look at the intraday of tens. Theyre moving down. Down now four basis points and the curve has flattened by 3. 5 basis points here. If you look at twoday a much better glimpse of what is going on 87 plus in the wee hours and it is giving way. This derisk theory even though equities are doing well because of what is going to occur tomorrow, of course. And as carl pointed out im not sure how they are going to end up mopping all this up should a better vaccine or different types of drugs to combat covid19 sooner rather than later. If you look at a june 1st you really see what is going on. We have moved up to that almost 90basis point june high and the data is out. Market pmi, the october final read which pulls out 53. 3 and replaces it with 53. 4. So, a little bit better than expected pmis from the ism grouping lets continue with the charts so, you see that june 1st chart for tens they moved up right towards that high look at the same june 1st of bunds and how were dealing with covid at least in the eyes of investors. If you look at tens minus bunds from that same period from june 1st look at how much different the differential is between the two and that is very important to Pay Attention to as it widens out. Finally, you talk about a bad october for currency heres the euro versus dollar for the month of october fi finishing basically on the lows. Back to you. Well check in with you soon. So, coming off the worst week for the dow since march, were up 225 at the moment as we kick off november. By the way, the dow has not fallen in november since 2012. S p, nasdaq havent fallen in november since 2011. Were back in a minute this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Businesses are bracing for potential unrest after election day tomorrow our Bertha Coombs is watching that this morning. Hi, bertha hey, how are you, carl . We are in Herald Square and this is one of the areas last summer following the death of george floyd that saw a tremendous amount of unrest and some of thatunrest and some of that spilling over into violence an looting, so businesses here have begun boarding up. Macys in fact across the street yesterday started putting up boards on its windows, though officials sit they were doing so normally because of their holiday displays they are preparing that, but they acknowledge they are taking extra precautions if theres potential disruption makys of course, where some major looting occurred saks fifth avenue similarly put up more modest look boards, but they do acknowledge that they are implementing additional security measures because of the election they are boarding up their windows, and they are also adding additional security personnel. Meantime, in washington and across the nation youre seeing a lot of preparations. At the white house yesterday we saw new fencic going up, nonscalable fencing, according to federal Law Enforcement to nbc news that fencing will surround not just the white house complex, but the ellipse and the Washington Square mall theyre also taking precautions, officials tell nbc news there would be 250 National Guard on standby as well. Naturally, the Big Box Stores, many of them that experienced damage last summer are also taking precautions, though they arent spelling them out they do intend to remain open, but they are going to have security on hand, you know, target last summer saw six stores heavily damaged a number of them had to close. Right now theyre hoping to stay closed, guys, but they want to be better safe than sorry. Better thartha, thank. Regardless what happens, its an tailwind for digital and ecommerce. I think people got the amazon story wrong. What theyre really trying to do is be sure that their system works. I think theres a lot of people who worry about supply chain when you see 4 billion, it doesnt mean safety per se, its trying to make it so that workers dont get sick, because theyll have so much demand. I think bezos has it figured out. If it costs 4 billion next year theyll do much better because they dont lose workers . Thats smart people think they throw money around no, supply chain management, taking care of workers, very smart. All of this, tomorrow is election day watch our special coverage tomorrow night. Well take a quick commercial mee bk a wreacin mont markets bouncing after a tough week though the election is tomorrow, theres a lot on the other side, including a jobs number. A pretty good pace of q3 earns ndll get a look at hilton, fox, weys for nour, s p 500 very strong dont go away. Do you have a Life Insurance policy you no longer need . Now you can sell your policy, even a term policy, for an immediate cash payment. We thought we had planned carefully for our retirement. But we quickly realized that we needed a way to supplement our income. If you have one hundred thousand dollars or more of Life Insurance you may qualify to sell your policy. Dont cancel or let your policy lapse without finding out what its worth. Visit conventrydirect. Com to find out if you policy qualifies. Or call the number on your screen. Coventry direct, redefining insurance. See yourself. Welcome back to the mirror. And know youre not alone. Because this. Come on jesse, one more . Is a reflection of an unstoppable community. In the mirror. Lets get to jim wendys announced it would start greenhouse production. The company is bank is and i think this is an extraordinary company. Its not the old plug power that every few years it would spike and people would realize its not ready. Andy marsh is making it so this is the year. Putting in this tells me the wonderful Biggest Company in the world is say its here that is the best way to go whats tonight waste management, and then linda rendle, the new ceo for clorox its hitting on all cylinders. Obviously everyone knows that clorox is what people have been used in their house to make sure you have less fear all their divisions are up triple digits. See you at 6 00 mad money, 6 00 p. M. Eastern time good morning, welcome for squawk on the stree squawk on the street. Rick wow, everything ready for this our ism for october really zooming here were expecting around 56, 59. 3, this is the best number since august of 2018 that sequentially follows 55. 4 lets go through the internals, shall we on employment, which is big this week, because we have the big labor report on friday, it moved a handle from under 50 to over 50 into expansion territory at 53. 2 so these are really good numbers. Of course, they can always be better, but considering the effects of covid, surprisingly strong Construction Spending for september, expected up 1 , disappointed, only up 0. 3, 0. 3 of 1 pun, a , and originally red at 1. 4, now stands at 0. 8 counter intuitive Construction Spending eases off, and on the ims sism isms, its zoom zoom zoom. Stocks rallies in this first hour of trading after the worst week for stocks since late march. Next were going to look at how either candidates policies could affect your portfolio and why there might be less to worry about. Finally regenerons antibody was one of the first drugs proven to help patients, but could manufacturing get in the way of widespread distribution our next guest says market volatility will continue as issues loom large. Ron, thank you for joining us. It was all laid out in the introthere this is really an unprecedented backdrop to host a National Election whats your expectation for the markets, at least in the short term well, the markets are in my opinion, have been discounting a sort of a blue wave of a biden presidency and senate that would be democrat, and as they polls o certainly the senate has tightened, i think thats where the questions will come in i think the market wants a stimulus and may not get as much as it thinkingit wants. In terms of stimulus, as we look ahead toward the latter few months of the year, how bad do you think a second wave of covid would need to be to get stimulus in a lameduck congress . I wonder if youll getting in done in a lameduck congress one of the things that will be uncertainty for the market is the election in and of itself. If you read the polls, everyone thinking biden should be having his party. Here in the midwest, there have been some things that have suggested its tightening, and this is going to equal uncertainty if we dont have a winner this week im note sure well have a winner tomorrow night, but that temperature uncertainty is going to matter. With that qe, the fess has increasingly become, you know, its seen as the backstop to the lack of stip lutz that weve had, but former new york fed president bill dudley has said that the fed is lacking in fi firepower, do you it agree with that i do agree. Especially if youre going to have an economy that could shut down because of significant increase in covid, youre going to need fiscal stimulus. You cant shut the restaurants and not provide stimulus thats just not going to work. I think the market and the American People know that, frankly. The old adage that you dont fighted fed plus it trillion of stimulus, that would be quite good for the markets, at least in the short run. Ron, you run a brokerage, you have a 4 billion market cap here, you reported a quarter last week adding 45 financial advisers, strongest recruiting quarter youve had in the last three years. Whats going on in your business why did you have such a strong recruiting quarter. Thats our Business Model we were a destine action for entrepreneurial advisers, and we have been for a number of year i think Financial Services and stifel as well will be very busy in not only the next few months, but the next few years, what the covid has done, the pandemic, its almost reordered the economy, and theres a lot of capital that will move around as companies restructure, as the economy restructures templing like ours are right in the middle of this it doesnt matter how the political situation carries out. Firms like mine are very busy in the coming months and even years, as we it just is eye specially if we get infrastructure, which i think well gelt, were one of the top infrastructure firming in the company, were going to be busy. Im curious what youre seeing from your clients as well you mentioned the fed, of course, that seems to be an underlying theme for so many are you seeing that in terms of the allocations . We are. I mean, the clients clients have been engaged. They were its hard to find yield. Thats one of the things that concerns me. You know, one of the things that were thinking ill just tell you our view on the markets. If its a democratic win, that will support value stocks, because youre going to see a reinflation trade. Rates will go up a bit if the president , either the senate or the presidency, wins, that will continue to support growth stocks. Either way theres a lot of stimulus on the table, an accommodative fed, so its hard to fight those two factors from a market perspective thats an interesting trade what if its mixed what if its contested what do you do well, i think that would probably be less stimulus. That would be more towards maintaining the growth trade than the value trade i dont think youll see as much of a reinflation in a mix you wont see as much stimulus, in my opinion. Ron, thank you for joining us great to be an american go vote. Thank you will Steve Liesman is looking at how the states of play have changed since april. The 16 states that play surveys in the key battleground states have consistently showns a closer race, and tracked opportunities on at the important issues joe biden has held a lead over the president on handling the coronavirus, a lead thats widened as we near the election, that seems to help hi lead overall, standing at about 5 on average you can see in the last track, its stabilized in the poll there covid has become more importantly. Increasing from 31 to 76 that question asked, have you or someone you know contracted covid . Bidens net favorability steadily risen it never fully recovered where it was before. On election day those rating the economy excellent or good has been increasing heading into the final days of the election while the race looks wide, they could make it a lot closer tomorrow night take a look at this one chart. Democrats hold a lead on who is best getting people back to work that lead is reversed when you look at the critical state of pennsylvania those are the flip dots you see there. So the question, whether the president can make it more about the economy and chip into bidens favoritability rating. For biden, its how much he can make this about covid and the president s handling tomorrow wiell find out. David, we may even get some Election Results well get something steve, thank you. Tune in all day tomorrow and special night coverage, continuing throughout the night. As we head to break, regenerons andy body drug has helped to fight out cow individual, but a complication in manufacturing could limit the supply well have the details next. Squawk on the street will be right back keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo weve been getting good clinical daughters from the likes of regeneron and lilly, but what about supply . Meg has more from regeneron headquarters. Reporter carl, supply will be a problem of these antibody drugs. This process began back in january. They have designed a cocktail of two different antibodies, one it engineered in mice, and one it derived from a survivor of covid19 the reason theres limited supply, is this manufacturing process takes three to four months end to end, because this drug is grown in living cells, cells from the ovaries of chinese hamsters that sounds super crazy, but thats a common way to make biotech drugs. These kind of look like a brewery, but much more clean, then they go into quality control, which takes about three to four weeks, then shipped to another location where its poured into vials. Regeneron has about 50,000 doses, it hopes to get up to 300,000 available by early 2021. Its also partnered with roche to get much to 2 million doses by the end of 2021 all in they are doing thing that has never happened before. Theyve moved all their production essential for other drugs to europe. In the united states, almost all of its capacity is dedicated to the covid antibody theres just not going to be enough of these drugs, back over to you. When you have a drug like this thats in short supply, as you mentioned, they only have about 50,000 right now how do they determine who gets the drug now versus who doesnt . Reporter the fda has yet to green light the drug well see who they approve it for, but it will have to be rationed so both eli lilly and regen ross will have so theyless stratified based on who can benefit the most it will be a situation where were rationing these medicines. Meg, thank you. Thanks. Well turn to the coronavirus vaccines joining us is dr. Lloyd miner. Nice to have you back. Give us a rundown here how quickly and how long you see the trial going on for as you mentioned, this is a multisite trial, and these trials are targeting all groups. Groups we know having more severely effected, groups particularly affected, theyre going to be well represented in these vaccine trials, and that hasnt always been the case in therapeutic trials in the past im pleased it will be the case here. How long you know, were all watching very closely, and we know pfizer, moderna, a number of trials were expecting to hear something soon when will we hear hear something from the phase three trial from j jamb. You look for safety, for sure, and thats been looked at carefully, but the purpose of a large phase three trial is to look at i have caddies you need enough people enrolled, so and then you need to look at the infection rate. That can take a while to get tough in the Placebo Group and the therapeutic group, to know how effective it is. Dr. Miner, theres been a lot of discussion about the p3 events not trending as higher has you like stat news did a piece last week saying we may need to reset our timing the fact that we didnt get much data in october, has that unnerved you no. Weve used a variety of different approaches and technology to say achieve an immune response. We have a lot of earlystage data to show theres an early response, and therefore its reasonable to expect there will be a degree of protection or immunity, but its also very important to be careful with these studies t the Biopharmaceutical Companies and the fda has set a high bar as well so when the vaccines are giving emergency use authorization by the fda, it will be based upon a large body of critically obtained and accurate data dr. Miner, youre going to be studying the participants for several years, over two years through the course of this trial. Is it possible that these vaccines could look safe in the short term, but then over the next year or two, you start to see other side effects theres a lot of concern over this idea of operation warp speed. Thats true, and most of the vaccines are based upon approaches that have been used to produce other vaccines. Therefore, we know that the fundamental approach is safe, but we never really know until theres longterm followup as to what the side effects may ultimately be. I think we have enough data from the phase one phase two trials, also compared to other clinical trials, to know that the risk is low, but it would be a mistake to say the risk is zero for these vaccines, instead for any convenience in general certainly what we need to clef in order to control covid19 is a lot more immunity than we have today. You know, we talk about the mrna type of candidate a lot, but theres other schools of technology that weve got 200 candidates in either preclinical or clinical phases. Is there a darkhorse that will come out from viral vector its a great question to ask. I think well know a year from now. I dont think were spending too much time on mrna or any approach given the fact were starting to see an additional surge, we need effective vaccines it makes sense to try a variety of different approaching the encouraging aspect is that theyve been out of the gate early. Theyre innovative approaches, and the early phase one phase two data are very encouraging in terms of their safety and in terms of the andy body response. But this one, j j is more practice additional . Correct its a nanobased vaccine. It is concerning. I think thats why from insisting on absolutely high standards being transparent and how the data are communicated, those are very important the same polls show that roughly 20 , 25 of the population would sign up for an appropriate vaccine once its been vetted and given emergency yew authorization. My hope is the early adopters will show the way and others will follow. Yeah, well be watching it closely, as we continue to watch the development of these vaccin vaccines dr. Miner, thank you. Thank you. Now time for the etf spotlight. At the back into positive territory for the year, currently trading up almost 2 today. Clorox posting better than expected Quarterly Results this morning. The company also raising fullyear Sales Guidance as it continues to benefit clorox ceo linda rendle will be jim cramers guest this evening. Squawk on the street back in two. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Dont settle for silver 1 for diabetic dry skin 1 for psoriasis symptom relief and 1 for eczema symptom relief gold bond champion your skin gold bond we did it c crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. Supporters chanted fire fauci and the president welcomed their recommendations [ chanting ] let me wait until a little after the election i appreciate the advice. Hes a nice man, though. The u. S. Postal service reflecting a third to day of fewer than onteem ballot moving in afghanistan, three attackers have killed at least 19 people, injured 22, in an attack at the countrys Largest School government Officials Say the attackers were killed in a fire fight with government soldiers you are up to date carl, ill send it back to you a report number of deliveries in october. Stocks been on a tear so far this year, dow is up almost 520 here, best day for the dow since july4th. 1 squawk on the street is back in a minute. Were in the homestretch now as we head into election day the markets, of course, trying to weigh both the policies from the president and former Vice President on taxes, stimulus and a lot more our next guest says a Biden Victory may have a smaller impact than feared always great to see you, carl. I keep going back to a quote of Lloyd Blankfein he said the unpredictable of the Trump White House has made peoples head spin is that a fair framing, you think . Well, i think that trump does stand for certain principles that he has been consistent with all along, but its certainly true you see reversals from time to time and the commentarying on the campaign trail i was listening to sue just now about firing fauci, not mingly theres been tension between the two for a while now. So, yes, i think theres a degree of unpredictability there. Do you think that explains the president a wall street puppet, theres been a lot of attention paid to the amount of money biden raised from the street why would the street do that, knowing the possibility im not saying elizabeth war edge running treasury, but certainly a treasury secretary or s. E. C. Chief that runs to the left of what we have now. Its an interesting question. I did a story back in august on this to my surprise, wall street donors im talking about not just Business Leaders at hedge funds, private equity, Asset Management banks and more, but rankandfile employees supported biden versus trump by a large measure. I believe it was 5 to 1 by one count, and also in terms of the big donors, a lot of wall street major donors were giving million to biden and other democrats i heard several Different Reasons for that one was that essential on the social issues, right on some of the apologies that matter to many in the financial world, they just leaned more biden than trump another was concerns about covid and trumps handling of covid and what it would mean for people on a human level as well as off and on the economy as we work our way through this. Others talk about issues Like National security and so on. One interesting thing that the markets have been grant 8ing with, and early on were positive about, was the idea that biden was going to pass a massive government stimulus, for infrastructure spending, green jobs and other things that would by stick latif and then financial regulations would not be as harsh on the business, or as sweeping as you said, a senator warren, or other more progressive on might be, even his tax plan is a bit more moderate than i think many were expecting, and certain more moderate than some of his progressive counterparts. When i have conversations, with a lot of members of the Financial Services industry, some of them on that very board we just showed, who live in new york, they are trying to figure out what their tax rate would be theres no guarantee of overturning of the s. A. L. T. Cap. Im curious what youre hearing on that part no, i think theres concern it was a complicated calculus, rather, for people on the one hand they prefer to live with the trump tax regime, but on the other hand there was some feeling, even back in august, that if trump were elected for another four years it would galvanize the left and the next democratic victor might be someone very progressive who would impose wealth taxes and very aggressive taxes on Capital Gains and other things across the board. So the idea embracing a biden was sort of a moderate compromise for now and a way to deal with some of the nontax issues that were animating people absolutely i think this issue is top of mind. The Corporate Tax you didnt mention, but thats another issue. Biden has said Corporate Taxes may go up to 28 from the current 21 , which is part of the reform packages. From what i hear on the campaign trail, he and Kamala Harris all along have been tell graphing a more moderate approach she would say, let me be clear, i am a capitalist. Biden more recently in the generals has signaled to some dorners, you know what, the tax plan is still very much a work in progress, we have other wood to chop first, whether its dealing with the illness, whether its dealing with the economy, thats not going to be job one. While i dont think they like the direction of a possible biden hairs direction, its a waitandsee approach, and an iterative approach is somewhat comforting in some ways, the political world and the relationship to wall street seem upsidedown. Good to talk with you. Well talk soon. Thank you. We miss you, kate. Market hanging on to a nice gain, on not quite 500, but s p almost bund back up to 50. It echos 2016 a bid. Back then. S p was down the last full week and rallied sharply in the two days heading into the Election Results. On that case it was the 8th of november thats kind of an op repeat of what happened. Once the election happened, it was off to the races. There was the brief down trend, very brief though it was, and then sort of everybody coming around to the idea that, well, taxes may be going down and that could be a benefit to the economy, and then of course you say a rally. Were lookingat appear s p thats unabout 2. 6 . But as carl said, were beginning on a stronger note here the nasdaq has actually been weaker than the overall market i am looking at some of the big names, amazon in particular down about 1. 2 so far this morning. Overall much more of a riskon sentencement wti crude is up. Reversing some of its earlier weakness that fell more than 10 last week on some of the concerns surrounding the shutdowns. It seems like the equity markets are shrugging off the additional lockdown measures. I think the election, maybe people are bracing for a longer haul for some action yeah, for all of the hand wringing about the lockdowns in europe, you point out zoom is down, caterpillar is up almost 3 once again turning to the potential economic impact, Gene Sperling joins us. Great to have you back good morning thank you for having me. I would love to get you just quick on fracking. Were going to talk about pennsylvania the next few days i wonder if you think biden has found a proper response to the idea that hes somehow leaving the half million employees exposed to fracking in that state behind i dont know how much more clear he can be, hes not ending fracking, not leaving those workers behind i think what people care about enormously is their strong infrastructure plan, strong made for america plan i think that we when we get out of this political season, what people are going to start looking at, what is the prospects that a biden election is going to lead to a more serious National Effort at tracing testing masks that will actually control the virus enough we cannot have these new spikes, new waves, number one. Two, theyre going to be looking at the depth and breadth of the fiscal package right now were seeing the potential downturn or at least deep moderating in the Fourth Quarter if theres not a package. If people start to realize a biden pack will mean not just a relief package or Something Better than was negotiated now, but there will be a real jobs mobilization plan. Its been clear on manufacturing, major infrastructure plan that has not taken place. When you get that kind of up tick and made in america demand, youre going to see that wide sections of the industry will start realizing that there is a lot of opportunity and theres going to be a lot of encouragement 20 go back and start hiring one of the bidens plans is when you look at the build back better with the job mobilization is its not just a relief plan it is designed to be a two, three, fouryear job mobilization that would give a lot of companies the confidence to hire, start expanding, both for the Large Businesses and smaller suppliers. What about the lameduck, gene assuming theres a change in control in the white house and in the senate, i mean, the market is so short term focused, mcconnell even last week suggesting that january is the earlier they cant Start Talking about aid or relief. Does that mean the next two months are lost . Well, im probably your least expert guest in predicting the stock market, but i think theres the following tension. When people see a Biden Victory or potential blue wave, they have greatest confidence that in january there will be a big relief package and a jobs mobilization package buzz but i do think there is the fear that some republicans will now say or that the Republican Senate in general will now say we have no incentive to help the economy politically, and that theyll pull back. I think the fear is, and i understand this fear, is that youve already seen the economy start to slow, or at least the recovery slow accept, october. I talked to people who expect the october jobs number friday to be very weak. So i think the fear is that, yes, that damage will be done from the loss of demand coming from the state and local level, from unnet Small Business closures so, yes, they look positively to the big two or threeyear positive impacts of a big fiscal package from biden, but i think there is understandable worry about the damage that could be done in the nest two or three months if a relief package we all thought was can thissing in august literally comes six months later. Theyre still lawmakers, still constituents it probably sounds naive as a question, but, you know, dont they still have a responsibility absolutely. I think thats exactly right i think people fear that they wont. I think that some of it is a fear of a cynical view theres less desire to help the economy, but my hope would been that people would put those issues aside, because seriously, the ppp expired on august 8th. Unemployment insurance is expiring some people had some savings more people are running through the savings. Child centers are closing. You know, weve got to get rid of i think its a purely partisan strange view that comes mostly from the president , that somehow states and lots were the one party in all of the economy that was supposed to predict a 102year pandemic and had saves for it we know from the last recovery that contraction at the state and local level didnt just hurt in terms of teacher layoffs and those things which are devastating in themselves, but they actually hurt demand. I would like to say there would be a greater nonpolitical approach i think pelosi has made clear shell stay ought it but when youre asking me what people might be fearing. They might be fearing that there is less of a political incentive to do this on the Republican Senate that they may just want to take a, its all up to biden approach i agree, i think thats not responsible. I think people will ultimately be punished for looking like they walked away at a time when people are hurting going into the christmas season, but i think that fear is there, and as somebody who has lived through some of the, you know, budget wars of the past, unfortunately ive seen that kind of politics creep in gene, good to see you good. Thank you. Gene sperling. Thanks for having me. Just a reminder, you can tune into cnbcs election coverage all day tomorrow and tomorrow night you do not want to miss it. And were getting fresh numbers from ken griffin head fund, and it was up a little more than a ner october. Equities, fixed income, commodities all contributing to the returns to the now 30yearold firm squawk on the street will be right back this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Tintroducing the iphone 12 prog nwith 5g. Or a moment like this. Now at tmobile, the leader in 5g coverage, you can unleash the power of the epic iphone 12 pro in more places. Get 2 iphone 12 pros 2 lines of unlimited 5g for just 100. Only at tmobile. Americas largest 5g network. One market watcher says the fed could provide another life ring going into next year. Find out more on cnbc. Com. More squawk on the street coming up. Welcome back im seema mody markets are rebounding every sector in positive territory, though Consumer Discretionary is underperforming a bit. Nfl seeing good performance from the Home Building stocks mohawk up, len noor, dr horton and pullty Health Officials outlined key requirements including simulating ships before passengers are allowed on. Now ill send it back over to you guys. Simulated ships, thank you, seema. The strand is asking for help from customer to say survive the pandemic, getting 25,000 orders in one weekend after the call for aid well talk to the owner about business during covid19, stimulus and more. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. More than a week ago, the 93yearold bookstore, strand ashgs new york icon, tweeting, we need your help. Staring at a revenue drop of 70 , the company mobilized the community to help it survive despite what was ppp loan thats were supposed to do that a stimulus deal remains uncertain. So what does this mean for the future of local businesses such as the strand . The owner joins us now niceto have you. Youve got a very positive response here from from people including myself, by the way. You have a strand not the main one, but one near me where i live has it been enough to make sure that youre going to be able to stay in business well, right now its great. You know, after 93 years, i was helpful that community would help and we are just floored at the generosity in two days we got 25,000 orders that the internet crashed and then we got back up. But were really in good shape for christmas. As just to put it into perspective on a normal day, we take in 300 orders so the Community Support was just unprecedented you know, well have to see if, you know, if we can continue this and what january will bring. But its making me want to fight even harder. Also makes me want to give out the message to other stores and mom and pop businesses to really ask for help if you need to from your community i cant tell you how much times, you know, right now i go to my favorite restaurant or i go to the dry cleaners and all of a sud threat sudden there is a closed forever sign i really want everybody to fight to keep this going this is just so hard on Small Businesses right and, you know, weve been around for 93 years. I know. And in your family as well for that period of time, of course there was some criticism received though people believing you could have survived this without that call, so to speak you took ppp money you have some wealth people assume. You bought amazon stock which has come under criticism, given what that meant to your business respond to that. Well, you know, weve been around for 93 years. Weve survived the depression. We survived 9 11 we survived two world wars then we survived all the changes in the Book Business you know, ebooks, Big Box Stores and even Amazon Amazon didnt even get to us its this covid19 and the lack of any kind of foot traffic that we were so dependent on. So thats really stopped us in our tracks but to davids question, how do you dispel the criticism that, you know, technically might have personal wealth from amazon or other things to keep the business and you have ppp and laid people off. How do you square that criticism for especially those employees and the patrons out there that are frequent strand visitors well, our sales are off 70 that is really hard to survive so i didnt ask for money from the community. All i asked was could you buy your Holiday Gifts from us thats all a little bit of a wakeup call that, you know, i, you know, we wend throu went through we used up the ppp loan as we could that has a lot of limitation on it and then we, you know, i set a lot of money aside and we used that up. And to go on for eight months at a 70 loss of sales is just really hard to sustain without more help. We did furlough a lot of employees. There was an expectation when we when Small Businesses when we get a ppp loan that we can allow all the employees back we had 217 before the furlough and, you know, as business people, you know, that if you brought everybody back that would go through the ppp loan in one month. So we had to be very careful about and i tried to about keeping that money going so, you know, we were at the end of the rope when i asked for help i sent out an email to our to my friends and to our customers at the strand. Yeah. And they responded well be keeping tabs on it. Some of us have a personal interest as well to grateful. Thank you of course great interview markets hanging ton gain, 1. 5 all sectors are green. Energy has picked up the pace. Vix back below 38. Well talk more about the rally today when sqwkll ar in a couple of minutes at calvert, we know responsible investing is hard. If youre concerned about the environment and climate change, how do you find companies that are driving the right outcomes . If you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities . For nearly 40 years, calvert has delivered competitive returns by investing in Companies Making a difference because we see value in doing good. Talk to your Financial Advisor about investing responsibly with calvert. Talk to your Financial Advisor about investing responsibly music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Good morning t its 8 00 a. M. At facebook headquarters in california and its 11 00 a. M. On wall street squawk alley is live the dow is up 1. 5 there, jon. Vix is lower for a moment, there the dows best day since july 14th at these levels, now going back to october 7 this week, you never know what